"Bitcoin mining is a Big no!" - page 10.

bohr

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Quote from: hercules006 on December 25, 2017, 10:00:56 AM

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

Cloud mining is a big no and that has been known by the community for a very long time, now mining is an option if you can afford to buy the latest equipment and have access to cheap electricity if that is not the case then you are probably way better by just investing that fiat money in bitcoin directly or you could mine new and promising coins and wait for those coins to skyrocket.

boss1dg

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Quote from: Question123 on June 17, 2018, 05:46:22 AM

Quote from: coingrowth on June 16, 2018, 09:07:31 AM

Bitcoin mining work for large sum of investors and more importantly the one who invested in early 2014 but now the market is nt competent to invest and take profits i preferably say big no

If you are miner on that year and you hold your bitcoin for few years and they sell bitcoin when price reach $20,000 they will earn more money and mining is best for them. Many miner are left because of the bitcoin but I think you can get enough profit to mining but you need better plan. Maybe yes or maybe no depends on how you mine and handle and your plan.

but how a miner can hold bitcoin for years , bcoz they spend money on mining as operational cost which is paid by their own pocket and for years paying fees from own pocket without any return will not suit to many miners . even a miner farm having lot of money may not do it . suppose if prices dip further then they will affected more n more .

Question123

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Quote from: coingrowth on June 16, 2018, 09:07:31 AM

Bitcoin mining work for large sum of investors and more importantly the one who invested in early 2014 but now the market is nt competent to invest and take profits i preferably say big no

If you are miner on that year and you hold your bitcoin for few years and they sell bitcoin when price reach $20,000 they will earn more money and mining is best for them. Many miner are left because of the bitcoin but I think you can get enough profit to mining but you need better plan. Maybe yes or maybe no depends on how you mine and handle and your plan.

Marcel666

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The Premier Digital Asset Management Ecosystem

Although the mining gear and hardware are very expensive. It is a way of getting steady income, if done properly

coingrowth

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Bitcoin mining work for large sum of investors and more importantly the one who invested in early 2014 but now the market is nt competent to invest and take profits i preferably say big no

luffy_OP

newbie

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yeah i think for now, investing in bitcoin mining is a no because the prize of btc is low.

nikolas8667

newbie

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Yes bitcoin mining is the expensive way of earning it will give you profit but will take lot of money to spend as well. So bitcoin mining can be good and bad at the same time, but if you can have the stamina to go through these conditions you can earn high profit!!!

voztata

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Quote from: reliable on June 11, 2018, 10:17:43 AM

Quote from: Rocktop044 on June 10, 2018, 10:30:02 AM

Mining is profitable in the long run.
It is cost effective token set up the hardware.
Over a period of time you reap rewards.

People in our country prefer to invest or trade rather than mine as the electricity cost is very high due to which profitability starts after many years if some one has to min btc. If some of the good coins needs to be mined than the difficulty level is very high and thus make not much sense if ROI is after years and not within a year.

The cost which is needed to set up a mining field is no doubt quite higher and that because of which, most of the people don’t think it to be a very good idea. Other than this, the resources problem is another issue which does not allow us to go for any such thing as this will then result in huge loss too. So, you need to go for investing in different crypto coins and that you can also go for trading as well.

ivrynx

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Beforr mining is profitable, but now though it still is, it seems that the costs of mining including the repairs and electricity is just equivalent to thr value of bitcoin that you had mined, it seems like you are just breaking even, also for bitcoin, there are only a few thousands to mine left, instead of mining, trading and accumulation is much more advisable since you will baisaclly obtain bitcoin as well, it costs much less than mining and all you got to do wait for confirmations, but still if want to try mining, just make sure that you are updated with thr current block, how much is left, and what will be the cost of all expenses.

Oilacris

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Quote from: pinoyden on June 06, 2018, 11:35:26 PM

Quote from: Nhor1011 on June 06, 2018, 07:00:09 PM

Mining is good but it depend on the area because mining bitcoin must be in a cold area to minimize the electricity consumption. One thing more all the materials needed for mining are very expensive. And if you think cloud mining much better to follow the others advice to stay away because really most of cloud mining are scams, unless you want to try it with all your risks. Sometime people need to try before they believe what others said.

thats right. There are lots of factors that needs to be considerd before we start mining because mining is not an easy job. Mining is only for professionals that has a passion for it , mining is not for casual people that is only looking for some quick bucks.

bitcoin mining is a big no for people who dont have a capital and a dedication to do it.

much better if you can just do trading or investing because these two activities are indeed more profitable and enjoyable than an actual mining.

Mining is worthy if you do really have the interest on it and when it comes to financial you are capable on investing such thing since we do know that cost of miners arent cheap which means even an average joe would really have a hard time on making a purchase even a single miner and without even thinking up the factors should be considered turns out to be possibly not being profitable which is a disaster.

mersal

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Quote from: reliable on June 11, 2018, 10:17:43 AM

Quote from: Rocktop044 on June 10, 2018, 10:30:02 AM

Mining is profitable in the long run.
It is cost effective token set up the hardware.
Over a period of time you reap rewards.

People in our country prefer to invest or trade rather than mine as the electricity cost is very high due to which profitability starts after many years if some one has to min btc. If some of the good coins needs to be mined than the difficulty level is very high and thus make not much sense if ROI is after years and not within a year.

When you enter into mine bitcoin the moment of is something different from trading and investing because mining gives more comfort to us because we are the creator of Bitcoin so you cannot make it as possible but mining needs more electricity it will be the car back for that .

reliable

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Quote from: Rocktop044 on June 10, 2018, 10:30:02 AM

Mining is profitable in the long run.
It is cost effective token set up the hardware.
Over a period of time you reap rewards.

People in our country prefer to invest or trade rather than mine as the electricity cost is very high due to which profitability starts after many years if some one has to min btc. If some of the good coins needs to be mined than the difficulty level is very high and thus make not much sense if ROI is after years and not within a year.

proofofstake.com

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In the following years mining won't be profitable in general. The costs and the damage it does to the environment are too high and not worth it. We believe the Proof of Stake (PoS) will be the Consensus Algorithm of the future (if a better one doesn't come out in the meanwhile). It's doesn't require nearly as much electricity, it requires an actual support for the coin/token/project in general and it's a lot easier for the newcomer to join the party. Do your own due diligence but don't rush in investing in expensive mining rigs. Best of luck to all !

satria stell black

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Quote from: hercules006 on December 25, 2017, 10:00:56 AM

Ive met some group of financial adviser, they told me that the best way to aquire bitcoin is through cloud mining, they gave me names of trusted cloud mining providers and as of my research, they are well known and trusted.
Then ive met some people, whos already earning big bucks on bitcoin, they dont recommend cloud mining. They told me that its expensive and risky, but as for my understanding its good way of gaining passive income.
What are the possible reason on thier contradiction?
Whos recommendation should i try and why?

If I think the best way to get Bitcoin is by playing in the trade. Trade is much more profitable than mining. Trade is not too complicated and not too much to spend extra capital and energy.

asbak66

copper member

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I'm sure cause for me mining is just like wasting time tbh. If you look the profit offered from cloud mining they only offer you very little profit per day at least for me
If you want to self mining you must buy the miner with very expensive price
Not worth rs foot me. Better to trading it can give better profit

Topaz72

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Quote from: Rocktop044 on June 10, 2018, 10:30:02 AM

Mining is profitable in the long run.
It is cost effective token set up the hardware.
Over a period of time you reap rewards.

Exactly bitcoin mining is really good and I am sure it will give you profit at the end, it needs a lot of patience and a lot of knowledge, but some people say no to bitcoin because it needs a lot of money o buy equipment’s and a lot of electricity bills you will have to pay, so if you can afford all this then don’t worry mining is all profit.

nniecan001

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Quote from: Rocktop044 on June 10, 2018, 10:30:02 AM

Mining is profitable in the long run.
It is cost effective token set up the hardware.
Over a period of time you reap rewards.

It's up to you if you can provide those expenses to start crypto mining business.
It was less effort than joining in different campaign and less risk than investing weird and uncertain crypto project right now.

Rocktop044

newbie

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Mining is profitable in the long run.
It is cost effective token set up the hardware.
Over a period of time you reap rewards.

Blue Bell

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Quote from: Nhor1011 on June 06, 2018, 07:00:09 PM

Mining is good but it depend on the area because mining bitcoin must be in a cold area to minimize the electricity consumption. One thing more all the materials needed for mining are very expensive. And if you think cloud mining much better to follow the others advice to stay away because really most of cloud mining are scams, unless you want to try it with all your risks. Sometime people need to try before they believe what others said.

It is not good to go for cloud mining at this time, I think it is not summer of most of people are investing and trading than mining, mining is not that bad if you have amount of capital that you will afford mining simply, buying equipment’s and electricity consumption takes a lot of money so if you can afford then you should go for it, mining has profit but takes high amount of at start.

b1marlin

jr. member

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Merit: 1

Bitcoin mining depends on the country that you are in.
well in my country mining is a big NO for me, as the electricity is too expensive.
things to use for mining are also expensive. i might just buy bitcoin at low and hold it.

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